Many first-time buyers don’t know all that much about the home-buying process — it can be both stressful and confusing for them. LOs need to ease that stress and clear up any confusion. This week, I wanted to share some ideas for working with first-time homebuyers that can help you earn their trust and have a more successful experience overall. Here are some things to consider:
Be an Educator
To effectively work with first-time buyers, loan officers need to be a teacher and a resource. Your clients will look to you to direct them through the borrowing process, and above all, your focus should be on their satisfaction, not your own gain. Your buyers will want to learn from you, especially your millennial clients who are known for their desire to be (and stay) informed. More on why it’s important for LOs to be educators, here.
Be Patient
All clients will have questions, but your first-time homebuyers will almost certainly have more. Take the time to walk them through each stage of the process, and don’t make them feel rushed. The more time you invest in them, the more they’ll trust you and the happier they’ll be. The better you make their client experience, the more apt they’ll be to refer you to their family and friends (many of whom will be new homebuyers as well).
It's About Them, Not You
It’s tempting to focus on the dollar signs that accompany a closed loan, but if you stay focused on your client’s needs instead, you’ll gain more from the transaction in the end. Too many LOs focus on the money they’ll make once the deal closes and try to move their client with that in mind. The best approach is to show genuine interest in your first-time buyers and respect their needs. They’ll remember the effort you put in, and they’ll want to tell others about it.
Stay in Touch
Make yourself useful to your past clients and remain of value to them long after the closing. If they continue to see you as a helpful resource, then they’ll use you again one day and your name will be the first one they think of when someone is planning to refinance or buy a home. What’s the best way to keep in touch? Simple things like sending an occasional email or print mail to past clients can help you stay memorable to them. You could also offer handy information, like recommended contractors, for instance, that you know will do a good job for them. The important thing is that you maintain these relationships even after you’ve closed the deal.
While it may take more time and patience to get first-time buyers started with the borrowing process, the payoff is always worth the extra energy you may have to expend. Use your expertise to guide them, and you’ll benefit from satisfied clients who will send you referrals for many years to come.
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